We watched it yesterday and had some really great discussion. I think they lost interest and left about half-way through Obama's speech but they were initially excited and I feel like they really "got" the big ideas. I talked them through a lot of it.
A funny "educational" take-away...When Aretha was singing, "My Country Tis of Thee", I was telling the kids that it's the music from "God Save the Queen". My husband is British so I thought they would find that interesting. Later that evening, I heard my 5 year old singing the last line of the song, "God save the Queen...". That's what he took away from the patriotic American songs.
Good stuff. We watched history being made! And it was cool that MLK Day was the day before. The kids and I have had a lot of good discussion related to that.